Aqwire targets P1.6 B cross-border property deals via cryptopayments
Integrated solutions provider Qwikwire is targeting to close around P1.6 billion worth of cross-border real estate transactions this year as it launches Aqwire, its cryptopayments platform for real estate.
In a press conference Tuesday, Aqwire announced that it is partnering with cryptocompany Satoshi Citadel Industries (SCI) to launch a platform that will process cryptopayments for real estate.
Through the partnership, Aqwire will be able to list down units from developers, which foreign buyers can purchase through crypopayments.
The company is already handling cross-border real estate payments, but through conventional channels such as credit/debit cards, international bank transfers, among others.
The creation of a cryptopayments platform, set to be launched in July, was prompted by the demand from developers marketing properties abroad.
Aqwire founder and chief executive officer Ray Refundo said the company has seen interest from property buyers from the US, UAE, the Middle East, Japan, South Korea, among others.
Refundo said the platform would provide Philippine property developers an easier way to sell properties to the foreign market, as cryptopayments would allow for faster and real time payments for cross-border transactions.
Also, this would aid property developers who find it difficult to market properties abroad due to the costly expenses.
On the side of buyers, Refundo said they may be able to purchase properties that are 20 to 30 percent cheaper as developers are not likely to add premium to selling prices since they would incur less marketing costs.
Aqwire senior business analyst Jacquiline Romorosa said while the company is targeting to initially list Philippine properties, they would eventually look into listing properties in other markets in Asia, particularly Thailand and Vietnam.
Refundo said the launch of the cryptopayments platform for real estate is among the first initiatives of the company in line with its target to be the leading cross-border payments provider in Southeast Asia.
He said the company would eventually launch a series of cross-border payments products such as for business process outsourcing (BPO) firms, bills payments, tuition payments, among others.
“We want to be the leading cross-border payments provider in Southeast Asia. Not just in real estate but for everything. Initially, we plan to entrench ourselves in the Philippines,” Refundo said.
Moreover, the company said it is currently on its fundraising stage as it targets to raise $9.9 million through a token sale.
“Proceeds of which will be directly used for the development of the platform, as well as, on-boarding more real estate developers, both locally and internationally,” the company said.